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Fly News Breaks for November 20, 2019
NEX, RES
Nov 20, 2019 | 06:56 EDT
Citi analyst Scott Gruber downgraded RPC, Inc. (RES) to Sell from Neutral with a price target of $3.10, down from $4.90. The analyst had believed RPC's restructuring plan would be sufficient to cause a near term rally in the stock. However, the plan "underwhelmed," Gruber tells investors in a research note. As such, the analyst admits that his recent upgrade to Neutral was wrong. He recommends a pair trade of short RPC, long NexTier Oilfield Solutions (NEX).
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